Petredec Ltd Bermuda was created in 1980 when a US-based company, Petrolane, and a Saudi company, Redec, formed a joint venture with the desire to trade LPG in Europe and across the Atlantic.

The rationale behind the merger was for Petrolane to take advantage of storage on the East Coast of US as well as a newly purchased storage and downstream business in Antwerp.

Towards the late 1980's, our shareholder Petrolane was acquired by Texas Eastern

and subsequently, due to further takeovers, a divesture of all operations outside of the USA was undertaken.

This resulted in a shareholder change involving Petredec Management.

In the mid 1990's, the Redec shareholdings became available and this was again acquired by Petredec’s senior management.

The turn of the 21st century saw the start of Petredec's expansion into the

Fully Refrigerated trading market and a continued appetite to increase our asset base.

This would require capital and, in early 2005, Petredec sold 30.3% of its shares to the National Shipping Corporation of Saudi Arabia.

This strategic alliance not only opened up possible business opportunities for Petredec in the Middle East, but also added strength to the Company's Balance Sheet.